Solving Applied General Equilibrium Models Represented as a Mixture of Linearized and Levels Equation
W. Jill Harrison,
Alan Powell and
E. John Small
Centre of Policy Studies/IMPACT Centre Working Papers from Victoria University, Centre of Policy Studies/IMPACT Centre
General equilibrium models are usually represented as a system of levels equations (e.g. in North America) or a system of linearized equations (e.g. in Australia). Either representation can be used to obtain accurate solutions. General-purpose software is available in both cases - GAMS or MPS/GE for levels modellers and GEMPACK for linearizers. Some equations (notably accounting identities) are naturally expressed in the levels while others (especially behavioural equations) are naturally expressed in a linearized form. This paper describes the new GEMPACK facility for solving models represented as a mixture of levels and linearized equations and discusses the advantages to modellers of using such a representation.
JEL-codes: C68 C88 (search for similar items in EconPapers)
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Journal Article: Solving Applied General Equilibrium Models Represented as a Mixture of Linearized and Levels Equations (1994)
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